The new Restructuring Agreement as of today has been signed by TORM, Oaktree Capital Management and a majority of the Lenders holding in aggregate 92% of TORM’s existing loan facilities by value, the company said in its press release.
In the case that less than 100% support is achieved, TORM will implement the Restructuring through an English law scheme of arrangement. As stated above, TORM has already obtained the required minimum Lender consent of 75% by value and a majority in number of the relevant classes of TORM’s Lenders who attend and vote at any such scheme meeting.
The final implementation of the restructuring w ould be subject to certain conditions precedent, including required approvals from public authorities.
About TORM
TORM is one of the world’s leading carriers of refined oil produc ts as well as a player in the dry bulk market. The Company operates a fleet of approximately 80 modern vessels wi th a strong commitment to safety, envir onmental responsibility and customer service.